Annual report pursuant to Section 13 and 15(d)

Consolidated and Combined Statements of Cash Flows

v3.22.4
Consolidated and Combined Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Dec. 31, 2020
Jun. 25, 2020
Dec. 31, 2022
Dec. 31, 2021
Operating activities        
Net (loss) income $ (8,437) $ (34,136) $ (58,752) $ 83
Adjustments to reconcile net (loss) income to net cash provided by operating activities:        
Stock-based compensation 1,262 0 4,933 8,715
Depreciation 1,652 1,334 6,001 4,727
Amortization of intangible assets 6,021 4,927 18,623 18,295
Deferred income taxes (2,842) (5,578) (456) (12,300)
Asset impairment charges 0 40,600 46,500 0
Amortization of inventory fair value adjustments 12,613 0 (2,537) (3,396)
Non-cash loss on extinguishment of debt 0 0 0 4,435
Amortization of debt issuance costs and original issue discount 762 0 1,982 1,783
Change in fair value of warrant liabilities 0 0 (1,232) (29)
Changes in current assets and liabilities:        
Accounts receivable (4,554) 7,726 1,222 964
Inventories (5,305) 3,576 (7,684) (22,957)
Prepaid expenses and other current assets (2,066) 3,330 201 (1,030)
Accounts payable, accrued liabilities and income taxes (7,939) 507 (11,574) 12,050
Other, net (612) (2,378) (3,037) (1,858)
Net cash (used in) provided by operating activities (9,445) 19,908 (5,810) 9,482
Investing activities        
Capital expenditures (4,489) (3,532) (8,887) (12,198)
Acquisitions, net of cash acquired (456,508) 0 0 (190,231)
Proceeds from sale of fixed assets 0 0 468 4,516
Transfer from trust account 178,875 0 0 0
Net cash used in investing activities (282,122) (3,532) (8,419) (197,913)
Financing activities        
Proceeds from revolving credit facility 47,855 3,500 54,000 25,000
Repayments of revolving credit facility 0 (8,500) (3,000) (47,855)
Long-term borrowings 140,000 0 0 375,000
Repayments of long-term borrowings (3,500) 0 (3,750) (139,314)
Debt issuance costs (7,139) 0 (719) (11,589)
Payment of contingent consideration 0 0 (29,108) 0
Proceeds from sale of common stock and warrants 75,000 0 0 1
Tax withholdings related to net share settlements of stock-based awards 0 0 (898) (1,913)
Funding to Parent, net 0 (11,924) 0 0
Net cash provided by (used in) financing activities 252,216 (16,924) 16,525 199,330
Effect of exchange rate changes on cash and cash equivalents 714 215 (1,916) 499
Net change in cash and cash equivalents (38,637) (333) 380 11,398
Cash and cash equivalents, beginning of period 55,535 10,395 28,296 16,898
Cash and cash equivalents, end of period 16,898 55,535 28,676 28,296
Supplemental disclosure of cash flow information        
Interest paid 3,328 798 28,386 21,203
Taxes paid, net of refunds 3,091 2,244 9,113 4,523
Supplemental disclosure of non-cash investing        
Non-cash capital expenditures 0 0 $ 0 $ 3,796
Predecessors        
Financing activities        
Cash and cash equivalents, beginning of period $ 10,062      
Cash and cash equivalents, end of period   $ 10,062